Government shutdown: White House details consequences

NEW YORK (CNNMoney) -- If the government closes shop after Friday, the IRS will stop processing paper tax returns, the Small Business Administration will stop making loans and federal home loan guarantees will be put on hold.

Those are just a few of the consequences of a government shutdown, according to senior administration officials, who detailed federal contingency plans for the first time on Wednesday.

Lawmakers have been trying to reach a compromise that would set spending levels for the next six months. But with the deadline fast approaching, there appears to be precious little movement toward a deal.

The current spending bill expires at the end of Friday.

The officials stressed that a shutdown would put a drag on the economy, as loans dried up and hundreds of thousands of government workers are put on furlough.

And for the first time, officials hinted at just how many workers would be asked to stay home. The official estimate: 800,000. That means almost a million Americans won't get a paycheck.